Thursday, 18 May 2017

Bank Nifty Spot Outlook for 19th May

BANK NIFTY

Bank Nifty spot opened at 22750.45 and made a high of 22834.55 , it made a low of 22660.20 before closing at 22698.60

Had mentioned that long positions can be taken above 22978 and short positions can be taken below 22894. Bank Nifty triggered our short trade at opening and completed all our short targets for the day . Had mentioned in the previous that " Bank has a good support near 22570 - 22505 and those who would have taken a short trade near today's high with a cbsl of 22985 should watch for these levels if Bank Nifty triggers daily shorts and completes all targets for the day " , Bank Nifty made a low of 22660 and gave around 275+ points to those who had entered shorts in the previous session with a cbsl of 22985 .

Now for this week Bank Nifty needs to break and sustain above 22838 for long confirmation, then we can expect a move till 22940 - 23015 levels initially and closing above 23058 we can expect the next move till 23209 - 23375 . Similarly Bank Nifty needs to break and sustain below 22506 for short confirmation then we can expect a move till 22403 - 22330 levels initially and closing below 22285 we can expect afurther move till 22135 - 21970. Bank Nifty had triggered our weekly long trade and completed our initial 3 targets giving around 150+ points and took resistance near 22985 and reversed by 300 points giving a good swing trade . Now Bank Nifty needs to break and sustain below 22630 to test the next supports at 22570 - 22505 .

For today if Bank Nifty spot sustains above 22749 we can see a initial move till 22802 & on sustaining above 22815 we may see further move till 22911 . Similarly if Bank Nifty spot sustains below 22648 we may see a initial move on the downside till 22595 & on sustaining below 22582 we may see further move till 22486

Bank Nifty Spot Levels for the day are

Long above 22749 for 22780 – 22815 – 22911 , SL 22683

Short below 22648 for 22617 – 22582 – 22486 , SL 22714

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.